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Sam Seltzer's shuts down
Sam Seltzer's Steakhouse, a restaurant that offered prime cuts at moderate prices, succumbed to the tough environment for the restaurant industry. The Tampa-based chain closed all six of its locations May 17.
The chain, which began in 1995 and was named for a butcher from Montreal, had emerged from Chapter 11 bankruptcy in mid-2008. It previously planned to expand to 30 locations statewide after securing $11 million in financing in 2005.
In addition to its flagship location on North Dale Mabry Highway, Sam Seltzer's had restaurants in St. Petersburg, Clearwater, Port Richey, Sarasota and Fort Myers. About 300 employees were idled by the closings.
Progress taps McMullen
Longtime Tampa banker Jack McMullen has been named president of Progress Bank of Florida in its ongoing turnaround effort. McMullen, 66, was president and CEO of Florida Bank of Tampa before retiring in 1999.
Laurence Fentress, chairman of Progress Bank, stated that McMullen will be an invaluable resource to the bank because of his strong ties to the community.
Established in 2008, Progress Bank of Florida has two branches in Tampa and $120 million in assets. The bank fired its previous CEO, Thomas Rummel, in March after becoming undercapitalized in this year's first quarter.
EDA funds study
The Tampa Bay Regional Planning Council and the Tampa Bay Partnership received a $540,000 grant by the U.S. Department of Commerce's Economic Development Administration to study which targeted industries they should go after and how to fill gaps in local workers' skills.
The studies will help local economic development groups determine steps needed for sustainable job creation over the coming decade, and help the region create and retain a higher skilled, better trained, more competitive and innovative workforce. SRI International, based in Menlo Park, Calif., will conduct the majority of the research.
Collier innovates zones
Collier County commissioners recently approved an ordinance enabling the creation of “innovation zones” to be funded through tax-increment financing.
Under tax-increment financing, additional tax revenues generated by the increase in property values in such a designated zone is used to fund projects within that zone. The financing would replace the county's general revenues as the principal source of funding.
The Economic Development Council of Collier County will assist private landowners who seek to create these zones for targeted industries.
Hotel revenues jump
Hotel revenues at Lee County lodgings rose in March, the first indication that a tourism recovery may be underway in the Fort Myers area since the recession began.
Revenue per available room, a financial measure hotel owners watch closely, rose 11.4% to $130.27 in March over the same month a year ago in Lee County, according to Davidson Peterson Associates.
The revenue yardstick is measured by combining occupancies and average daily room rates. Occupancies in March at Lee County hotels rose 3.9% in March to 75% and average daily rates climbed 7.3% to $173.73.
The increases in occupancy and rates come despite a boost in new hotel rooms built around the Fort Myers airport, suggesting stronger demand. Available room nights in March were 12.2% higher than in March 2009.
Tax exemption expanded
An exemption on construction taxes for older buildings in Collier County when their use changes will be expanded to buildings that are three years old.
The prior rule was that buildings had to be five years old to be exempt from so-called “impact fees.” The program excludes construction taxes to fund water and sewer projects.
In addition, Collier County eliminated the fee review process for changes of use in order to obtain a zoning certificate or business tax receipt.
Villages project approved
Schroeder-Manatee Ranch, developers of Lakewood Ranch in East Manatee County, received approval from the Sarasota County Commission May 12 to move forward with a 5,100-unit, mixed-use village development on about 5,500 acres.
The project, Villages of Lakewood Ranch South, surrounds several large lakes and open space areas. Local business groups supported the project with the hope that it will be a boost for the local economy.
The developers sought approval under the county's Sarasota 2050 plan that manages urban development. The commission, after several hearings and meetings on the matter, approved a comprehensive plan amendment and a rezoning on 4-1 votes. Commissioner Jon Thaxton opposed the plan.
Condo sales improve
Condo sales in Sarasota, Manatee and Charlotte counties rose significantly on an annualized basis in the first quarter of 2010, according to Florida Realtors, a statewide association.
In the Sarasota-Bradenton market condo sales were up 71%, from 516 in the first quarter of 2009 to 883 this year. Sales in the Charlotte County-North Port market rose 90%, from 81 last year to 154 this year.
The median sales price in Sarasota-Bradenton for the 2010 first quarter was $142,000, up 6% from the first quarter of 2009. The median sales price in the Charlotte County-North Port region was $87,500, down 8% from the 2009 first quarter.
Job incentives offered
The IMG Academies, a renowned youth sports-training facility in Bradenton, will receive $65,000 from Manatee County if and when it follows through on plan to hire 65 people.
Manatee County commissioners approved the grant at a recent meeting. The grant calls for IMG to hire the employees over the next three years at an annual salary of at least $38,619 — 115% of the county's average yearly salary.
The employees will help staff two new programs, one for football and another for lacrosse, say IMG officials. Employees will also be needed to staff a new dorm IMG is planning to build by 2012.
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